Legendary investor and one of the world’s richest people, Warren Buffett, has been forced to make a rare statement saying he is not backing either US presidential candidate after his likeness was used to create fake political endorsement on Instagram.
The American business magnate slammed deepfakes – videos altered using AI – after people impersonating the chairman and CEO of Berkshire Hathaway emerged online supposedly showing the influential Buffett putting his weight behind Democrat candidate Kamala Harris or Republican Donald Trump.
[See also: Why HNWs are right to be worried about the threat of deepfakes]
‘Numerous fraudulent claims’
A statement released through Berkshire said: ‘In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates.
‘Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates.’
Speaking to CNBC, Buffett said: ‘I don’t even know how to get on Instagram,’ adding he wanted it known that ‘anything they see with my image or my voice, it just ain’t me.’
[See also: How should UHNWs protect against the risks of AI?]
His statement of neutrality comes after the New York Times reported Microsoft founder Bill Gates donated $50 million to the Harris campaign, prompting speculation around other high-profile endorsements.
Deepfakes can depict scenarios that never happened, such as meetings, events, or locations while video deepfakes can create particularly persuasive false narratives.
A recent report found fraudsters were increasingly targeting CEOs of high-profile companies. Billionaires and celebrities who have fallen victim to deepfakes this year include Trump, Taylor Swift, Elon Musk, Joe Biden, Will Smith, Beyoncé, and Mark Zuckerberg.
[See also: Why HNWs must act now to fight the rise of disinformation]
The problem of deepfakes is expected to grow, both in scale and sophistication. As the technology advances, identifying fake media will become increasingly challenging. The rapid dissemination of information online means that individuals targeted by deepfakes have little time to respond before significant damage is done.
Why Warren Buffett’s influence matters
Buffett is the seventh richest man in the world is a committed philanthropist and in 2006 vowed to give away his fortune, a decision, he has since said, he could not be happier about. He has given over $50 billion to charitable causes as of November 2023.
In 2021, the 93-year-old advised the world’s rich to, ‘leave the children enough so that they can do anything but not enough that they can do nothing’.
In 2012, Buffett estimated he had already given away about half of his wealth. The remaining shares, he said, were valued at around $100 billion.